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Business Asset Taper Relief
fusar
Posts: 151 Forumite
in Cutting tax
Hello
Please can anyone tell me if I can reduce my Capital Gains Tax on the sale of a commercial property, by applying Business Asset Taper Relief? The shop is empty.
I have only owned the shop for 6 months?
Many thanks
Sarah
Please can anyone tell me if I can reduce my Capital Gains Tax on the sale of a commercial property, by applying Business Asset Taper Relief? The shop is empty.
I have only owned the shop for 6 months?
Many thanks
Sarah
0
Comments
-
I have only owned the shop for 6 months?
Hi Sarah,
No relief at the moment, as you have to have held the property for at least a complete year to start to qualify for taper relief.
However, at 1 year, if you qualify as a business asset, then 50% of the gain will be saved, so it may be worth waiting.Today is the first day of the rest of your life0
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